By Burt Braverman on Posted in Regulatory and ComplianceAddressing the issue of when “a bare procedural violation of a statutory right constitute[s] an injury in fact sufficient for standing to bring suit in federal court”, the U.S. Court of Appeals for the Second Circuit has joined the Seventh Circuit in holding, in the specific context of the Fair and Accurate Credit Transactions Act of 2003 (“FACTA”… Read the rest
By Burt Braverman on Posted in Regulatory and ComplianceA recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly complying with even seemingly ministerial reporting requirements applicable to financial institutions that hold blo… Read the rest
By Burt Braverman on Posted in Deals and Technology, Financial Services Litigation and EnforcementAll businesses, large and small, that issue electronically generated credit or debit card receipts to consumers at the point of transaction are subject to the “truncation” requirement of the Fair and Accurate Credit Transactions Act of 2003 (FACTA). This seemingly modest provision, which forbids credit and debit card receipts, whether for $1 or $1… Read the rest
Our Payments Team addresses changes and continuities in the payments industry every day—leveraging our many years of industry experience and our presence on both coasts and in China. On paymentlawadvisor, we offer commentary on new developments that seem particularly significant, as well as resources that we believe can be helpful to others who are tasked with anticipating, understanding and addressing these developments.